Shoppers—or should we say, “serious investors”—swarmed the Jervis shopping centre last week, ready to throw around money like it was confetti at a wedding. Apparently, some up to 13 first-round offers were made for this Dublin landmark, once delicately placed on the market by its owners, Paddy McKillen and Padraig Drayne, who, if nothing else, have mastered the art of saying goodbye to their beloved retail baby.
This marked the shopping centre’s grand debut on the market since its birth in the 1990s, a period when mullets were acceptable and Instagram didn’t exist. It’s one of the last survivors from that decade still owned by the original developers. You know, the ones who thought neon colors and rollerblades were a great idea.
Among the eager bidders were some names that sound more like luxury hotels than property investors: the Comer Group, US property titan Hines, and Lugus Capital led by Peter Horgan. It’s safe to say international players are ditching their selfie sticks in favor of making serious investment moves; Oliver Twist would be proud that they’re not merely asking for more.
Meanwhile, retail parks across Dublin, Louth, and Tipperary were like that edgy new band that just dropped an album—everyone wanted a taste, resulting in ten initial bids for Marlet’s trio. Because, of course, while the office market is experiencing a slow political decline reminiscent of a bad sitcom, retail is strutting around like it just won a grammy, looking all glamorous and thriving.
In an unexpected twist, retail kicked the coffin of the “death of bricks-and-mortar” narrative, rising from the ashes like a phoenix. According to statistics, in-store spending saw a delightful 2% increase this year, making retail therapy a viable option once again—imagine that! Analysts even found that 70% of consumers preferred physical stores for buying essentials. What’s next? Collecting stamps?
Jean McCabe, CEO of Retail Excellence Ireland—or as I like to call her, the retail oracle—stated that customers are returning for “the customer experience.” Ah, the elusive “retail experience,” which involves pretending to enjoy shopping while battling other customers for the last pair of discounted shoes. In response to this customer renaissance, retailers are jumping on the bandwagon by opening more stores and revamping their snack offerings. The future of shopping includes more entertainment venues. Why not make shopping an Olympic sport while we’re at it?
And who better to illustrate this renaissance than Brendan McDowell, the wizard behind BPerfect Cosmetics? He initially dabbled with online sales but has now opened 13 physical stores across the UK and Ireland. Apparently, he decided that sharing a digital space with influencers wasn’t fulfilling enough. “When we first opened in Blanchardstown,” he said, “there were a lot of empty units.” A wise man, he seized the moment like a bargain shopper on Black Friday. “It was a good time to open a store because we could negotiate better rents.” So much for the “retail apocalypse,” right?
The changing face of retail ownership is quite the soap opera, with private equity swooping in and out faster than teenagers on TikTok. Bannon, a commercial property agent, found that over 50 shopping centres were once owned by hedge funds. As the market evolves, it seems the retail parks are back in the hands of esteemed institutions, making it sound like a corporate game of musical chairs.
